Oil slips as US-Iran tensions rise

Oil prices rose modestly after strong gains driven by tensions between the United States and Iran. The market experienced an escalation in military conflict between the two countries, with Washington conducting airstrikes on Iranian targets and Tehran responding with missile and drone attacks on U.S. forces in Jordan and Bahrain. This escalation raised fears of disruptions to crude supplies through the Strait of Hormuz, despite ongoing flows. Brent crude contracts fell by 0.2% to $94.48 per barrel, and West Texas Intermediate decreased by 0.8% to $89.49, after reaching their highest levels in five weeks. This escalation is considered one of the most serious confrontations between the two countries in weeks, fueling concerns over potential disturbances in the global oil market.

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